43.1 The Fed doesn't do Money so it offers SuasionCentral banks cannot define, identify, measure or map modern money. And they haven't been able to since the 1970s. So instead they offer "moral suasion". That's a fancy word for threats, posturing and coercion. That's all fine and well until the global economy requires money. [Emil's Summary] As many listeners have [...]
42.2 Real Yields Near Record Lows say Economy's AwfulReal yields recently hit RECORD lows. Yes, inflation is rising but is that due to the real economy expanding? Real yields say, "No!". Real yields say, 'The real economy is AWFUL!' So what is driving inflation expectations higher? Fuel. Oil prices are up - but the economy isn't. [Emil’s Summary] A recent [...]
42.1 WSJ Columnist asks Fed: 'What the...?' Wall Street Journal columnist Andy Kessler recently spoke with Jeff Snider about central banks and monetary policy. He ended a recent column with, "The least the Fed can do is get out of the way. End QE now". [Emil's Summary] A recent Hidden Forces podcast with Demetri Kofinas featured professor Kevin Vallier and [...]
If you had known in October all that would transpire over the next 2 ½ months, how would you have positioned your portfolio? The conventional wisdom before the election was that a Biden win would be negative for stocks because he has promised to raise taxes and specifically corporate taxes. In 2016, conventional wisdom was that a Trump victory would [...]
It’s not just that there isn’t much inflation evident in consumer prices. Rather, it’s a pretty big deal given the deluge of so much “money printing” this year, begun three-quarters of a year before, that consumer prices are increasing at some of the slowest rates in the data. Trillions in bank reserves, sure, but actual money can only be missing. [...]
41.2 Copper Prices Signal Inflation (or something else?) [Emil’s Summary] Mary Toft had delivered a litter of rabbits – that was the news that reached the court of King George I in 1726. Obstetrician John Howard arrived at Toft’s bedside in September where he was presented with several animal parts, ostensibly from the supernatural womb. In October, she delivered nine [...]
41.1 Has the US Treasury Bond Rout Begun? (No.) [Emil's Summary] Mary Toft had delivered a litter of rabbits - that was the news that reached the court of King George I in 1726. Obstetrician John Howard arrived at Toft's bedside in September where he was presented with several animal parts, ostensibly from the supernatural womb. In October, she delivered [...]
Is there a difference between inflation or reflation, and whatever this is? Not mere semantics, it may be everything for what the future ultimately looks like. Yet, the only one ever talked about is the first, as if a foregone conclusion. Why?We’re conditioned to believe in only one or the other, recession still contracting or otherwise total recovery, on top [...]
Gold’s not buying. Neither is the bond market. Inflation Hysteria #2 has so much less to it than #1 in 2017-18 ever did. But this one isn’t completely empty. There are some asset classes which have been absolutely on fire thus seemingly consistent with the “money printing” excesses of Fed and feds. Investors fearing for currency “debasement” and fiscal breakdown [...]
PROGRAMMING NOTE: Episode 40 will be the final one for 2020. Episode 41 will pick back up in early January, ~10th. ———WHERE——— AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWN Deezer: https://bit.ly/3ndoVPE iHeart: https://ihr.fm/31jq7cI TuneIn: http://tun.in/pjT2Z Castro: https://bit.ly/30DMYza Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Pandora: https://pdora.co/2GQL3Qg Breaker: https://bit.ly/2CpHAFO Castbox: https://bit.ly/3fJR5xQ Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa PlayerFM: https://bit.ly/3piLtjV PocketCast: https://pca.st/encarkdt SoundCloud: https://bit.ly/3l0yFfK ListenNotes: https://bit.ly/38xY7pb AmazonMusic: https://amzn.to/2UpEk2P PodcastAddict: https://bit.ly/2V39Xjr ———WHO——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, a jerk. Artwork by [...]
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